DeFi Dev Corp. launches $100M buyback as SOL treasuries face market test

The leading Solana treasury company, DeFi Dev Corp., expanded its share repurchase program from $1M to $100M, in a bid to improve its balance ￰0￱ decision comes amid a setback for SOL prices and a rush to prove the viability of Solana ￰1￱ Development ￰2￱ an expansion of its share repurchase program, with up to $100M in repurchases ￰3￱ timing and mode of repurchases will depend on market conditions relevant to the treasury ￰4￱ company has authorized a repurchase of up to $100M, with an initial cap of $10M and additional permission for the board for subsequent ￰5￱ program will acquire DFDV shares on the open ￰6￱ program does not oblige the company to acquire a preset amount of common stock, and may be suspended or discontinued at any ￰7￱ Cryptopolitan reported recently, DeFi Dev ￰8￱ among the most active buyers of SOL, aiming to repeat the model of Strategy (MSTR) by linking the treasury to its stock ￰9￱ the repurchase announcement , DFDV shares traded in their usual range at $15.71, down from its initial peak above $42.

The stock price is still in the green for the year to date, though it is now past the initial hype ￰10￱ Dev ￰11￱ asset value falls below a ratio of 1 Despite the first-mover advantage and a treasury of over 2M SOL, DeFi Dev ￰12￱ one of the companies with an mNAV ratio below ￰13￱ metric has fallen to 0.9 , suggesting the share price is outside the range of hype. A higher mNAV is a sign of more enthusiasm for the stock of the digital asset treasury (DAT) company. A ratio below 1 is also not a sign of a good deal or an indicator of future stock price ￰14￱ Dev ￰15￱ no target ratio or a SOL purchase deadline, and has stalled at 0.0816 SOL per ￰16￱ entire treasury of DeFi Dev ￰17￱ locked to run a validator , accumulating regular ￰18￱ other Solana DAT companies have a mNAV below 1, with the exception of Forward Industries, Inc., currently the leading treasury with the most aggressive buying ￰19￱ Industries retains a mNAV ratio of 1.8, as the stock trades at $31.10.

The company still trades relatively close to its peak at $39. SOL market price weakens SOL dipped to a recent local low at around $208, still trading at the lowest price for the past ￰20￱ dipped to a one-week low as altcoins saw a market-wide drawdown |